Bioeconomy corporation coordinates RM6.7 bln investments from 340 companies

KUALA LUMPUR: Malaysia has received RM6.7 billion in realised investment from 340 technology companies which were coordinated through Bioeconomy Corporation, the Dewan Rakyat was told yesterday.

Science, Technology and Innovation Minister Datuk Wilfred Madius Tangau said of the amount, 69 per cent or RM4.6 billion was foreign direct investment.

He cited Biocon Ltd from India as one of the companies that had been operating in Bio-XCell Malaysia in Nusajaya, Johor Bahru since 2016.

The company is involved in developing and manufacturing biofarmaceutical products,” he said when responding to a question Datuk Seri Dr Irmohizam Ibrahim (BN-Kuala Selangor) during the Ministerial Question Time.

Madius said one of the initiatives undertaken by Bioeconomy Corporation was providing a conducive environment for foreign companies to set up their bio-manufacturing and bio-industrial plants in Bio-XCell Malaysia.

“The Bio-XCell Malaysia business model is through building and selling of factories, as well as leasing of sites using Central Utilities Facilities (CUF), X-Sentral for labs and businesses, and facilities provided by Bioeconomy Corporation.

“Other incentives are also offered through the Malaysian Investment Development Authority, Bioeconomy Corporation and Iskandar Malaysia,” he said.

On long-term strategy, Madius said the Science, Technology and Innovation Ministry encouraged the involvement of local companies in biotechnology industry to ensure sustainable industrial development by targeting 20 global BioNexus companies.

“At present, 11 BioNexus-status companies have achieved global status and are pioneering in strengthening the local industry’s competitiveness in the development of global technology and innovation,” he said. — Bernama